EBRD to support renewable energy projects in Greece

The European Bank for Reconstruction and Development (EBRD) will support one of the leading Greek renewable energy companies Terna Energy S.A. with EUR 50 million to develop projects in Central Greece.

Terna Energy will invest a total of EUR 60 million in the development, construction and operation of renewable energy projects in Greece. One of the projects is the development of 48 MW wind farms in Central Greece, ERBD reported. The company’s portfolio includes wind farms, small hydroelectric plants and waste-to-energy units.

“Terna Energy is a pioneer in the development of renewable energy sources with 20 years of experience of operating in Greece, the United States of America, Poland and Bulgaria. The new project will add 48 MW to the company’s 738 MW installed capacity, which is expected to exceed 1,000 MW over the next few years,” Emmanuel Maragoudakis, chief executive officer of Terna Energy S.A, said.

Boost to large renewable energy potential

To boost Greece’s large potential for renewable energy, the EBRD will support these projects with EUR 50 million, while EUR 10 million will be provided by Piraeus Bank. This support follows the introduction of a new market-based support scheme for renewable energy projects in Greece which allows developers to participate directly in the wholesale electricity market.

“This transaction is not only our first investment in the Greek electricity sector, but it also marks the transition to a new market-based scheme for renewable energy which helps deliver clean energy to end-users at a lower price. We are very pleased to support Terna Energy’s wind projects alongside Piraeus Bank and we hope that this investment will lay the groundwork for a deeper involvement in the Greek electricity market,” Nandita Parshad, EBRD Director for Power and Energy, said.

The representatives of Piraeus Bank, an institution with a long experience in financing the Greek renewable energy sector, said that they were pleased to have collaborated with the EBRD and encouraged their further involvement in the sector.

The EBRD have been supporting the country’s economic recovery since 2015. Besides strengthening the financial sector, which represents 26 per cent of its current portfolio, the EBRD supports privatisation, infrastructure development and regional integration of the Greek economy. So far, this financial institution has invested almost EUR 640 million in Greece in 13 projects in a variety of sectors.